June 2008 Reserve Bank Bulletin released

The Reserve Bank today released the
June 2008
issue of the Reserve Bank of New Zealand Bulletin.

This latest edition of the Bulletin focuses on monetary policy and
its interaction with the business cycle in New Zealand.

The first article looks at six New Zealand recessions since the 1930s
Depression, identifying a range of factors relevant for each. The article
collects together for the first time economic data stretching back seven
decades.

The second article discusses the changing manner by which the OCR affects the
New Zealand economy and inflation. A range of research suggests that, despite
the changing ‘transmission mechanism', the overall impact of the OCR
on inflation remains broadly unchanged.

The third article sets out and discusses the relationships and
inter-dependencies between the Reserve Bank's monetary policy and
financial stability functions, arguing that monetary and financial stability
policy actions need to be coordinated.

The edition also presents two articles on New Zealand's coinage. The
first shows how the imagery chosen for New Zealand's decimal currency of
1967 came to be adopted, with illustrations and discussion of the large range of
rejected designs. The second documents the technical work done to establish the
physical specification of New Zealand's new nickel- and copper-plated 10,
20 and 50 cent coins.

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